Future-proof | A Podcast For Tomorrow's Accounting & Finance Pros

"...Really came to know and understand and appreciate just how uniquely situated the Maryland Comptroller's office is to make a difference on economic matters, to build financially resilient communities, to make Maryland a great place to do business..." - Brooke Lierman, Comptroller of MarylandResources:https://brookelierman.com/

In this episode we're talking about ethics in Artificial Intelligence (AI). Rumblings about the future of AI have been surfacing as well as questions about whether human biases are affecting the decisions AIs are making. Those questions are finding their way into our profession. A recent Accounting Today article reports a growing number of accounting service solutions are using AI for a wide range of applications. The accounting profession has spent $1.5 billion on this type of software in 2021 and is projected to spend $53 billion by 2030, according to a report from Acumen Research & Consulting. The Accounting Today article notes that despite this rapid growth, "too little attention has been paid to the ethical considerations that come with it". Sage's CTO, Erin Harris says in a quote, "The current issues are less to do with the accidental creation of a robot overlord and more about the insertion of human biases into the code". The main issue is not the technology in it of itself, it is our human biases

This episode, we're talking about saving for retirement, specifically how we can help our employees save more money for retirement. The general story we keep hearing is, as Americans, we aren't saving enough. The economy is playing a role, with 54% of Americans either reducing the amount they are saving or stopping all savings due to inflation, based on a survey by Allianz. The survey also showed the following:43% respondents report having to dip into retirement savings to meet rising costs75% say they are worried the cost of living will impact their retirement plans25% of U.S. workers have no retirement savings at all36% believe their retirement plans are on trackEven more statistics show those who are close to retirement age do not have enough to support themselves for an extended period of time. This is an issue that impacts us all. Local and state governments are likely to shoulder a share of the financial burden when it comes to those who don't have retirement savings (which means we'll all have to chip

Culture - one of those slightly misunderstood topics. A lot of ideas about culture are different from person to person. My goal with speaking to Stacey Rodgers, Executive Director of People & Culture at Cohen & Co., is to get a little closer to a mutual understanding of how to define "culture" in an organization. In my personal view, culture within an organization is based on a shared set of values and professional identity; who we are, why we exist, and our purpose. Once you're clear on all those definitions, it becomes a part of your vision and mission. You also start hiring people based on that cultural fit, which drives how an organization functions and succeeds. The COVID-19 pandemic has had a huge impact on workplace culture. An article from California Management Review, How Have Organizational Cultures Shifted During the COVID-19 Pandemic, reports the pandemic has led organizations to emphasize certain cultural elements and downplay others. There is an increased emphasis on flexibility, trans

Today, we dive into ESG: Environmental, Social & Governance. Investors are increasingly applying these non-financial factors as they investigate which public companies they will invest in and regulators are increasingly requiring that companies include these types of factors in their financial statements. There are plenty opportunities for accounting and finance professionals in this new area. In this episode, I speak with Alyssa Rade, Chief Sustainability Officer at Sustain.Life, which offers solutions that are uniquely designed to make taking climate action easier and more affordable for companies of all kinds. She helped me understand how wide ranging the implications of ESG really are. We talk about what ESG is and what it isn't; what all this means for CPAs in public practice, business & industry, those in public companies and private, for investors and auditors - there's so much to consider and discuss. Listen in!Resources:Journal of Accountancy article: How firms are seizing the ESG opportunity

Are you physically, mentally, physically well? That seems to be the key question these days. There's more of a focus on individual wellness in the workplace today, especially in the wake of the COVID pandemic. People who are happy and well are more productive than those who are unwell. It all boils down to the fact that we've only got one body, one mind, one life to live, so we better make it count. Wellness, or lack there of, is going to translate directly into quality of life. Employees today know this and are demanding more in terms of wellness from their employers. An article from The Washington Post titled, "Gen Z workers demand flexibility, don’t want to be stuffed in a cubicle", by Danielle Abril, notes that for the young generation of workers, money may not always be the top job priority. Instead their list includes flexibility to work from the office and remotely, wellness and mental health initiatives, as well as meaningful work in culture. For employers, accommodating for these preferences may beco

Talking all things metaverse with Glenn Friedman, CEO of Prager Metis, a global CPA firm that made headlines this year as one of the first accounting firms to set up shop in the metaverse. The metaverse is loosely defined as a new iteration of the internet - a virtual world running in parallel to the real, physical world. You can create a virtual avatar of yourself and interact with other avatars anywhere throughout the world to do almost anything; business, learning, networking, entertainment, commerce, and more. The metaverse is reminiscent of "Second Life", a virtual world that was popular 10-15 years ago. It was, and still is, known as an "exclusive haven of self-expression". When Second Life started to become popular in 2007-2008, it become known that a very real economy existed in this space, which required CPAs. Training and education opportunities were developed to help accountants navigate this virtual world. At the time, the Maryland Association of CPAs created "CPA Island" in Second Life, a designa

Anoop Mehta, long time CPA, MACPA member, and just the second Marylander to chair the AICPA, is one of the sharpest, smartest people I know. He is a proponent of greater diversity, equity, and inclusion in the accounting and finance world. As an Indian-American who immigrated to the United States with his parents at just 12 years old, Anoop followed a path to a more diverse, inclusive profession. Not only has he followed this path, but he is helping to pave it as we speak. Listen to hear his unique, inspiring, story and the ways in which he's helping make progress in the area of DEI. Resources:The Path - The Anoop Mehta Story - MACPAMaryland’s Anoop Mehta named AICPA chairAnoop Mehta, LinkedIn Profile

When I initially sat down with Michelle Golden River, Growth & Profitability Strategist and Founder of Fore, LLC, we planned to discuss advanced pricing and where the profession stands today. We began by talking about how CPA firms can switch from a time based billing model to pricing work in advance. However, the discussion evolved into a conversation about relationships. Advanced pricing comes down to value - what value are you delivering to clients and what is that worth? To know that, you need to know your clients. To know your clients, you have to talk to them and build relationships. Joey Havens, Managing Partner of Strategic Growth at Horne, dug deep into this concept with his blog post "What if I Really Am a Trusted Advisor?". In this post, Joey asks is that really what we should be aiming for? He ran his team through an exercise of what their current client experience was like vs. what the team wanted it to be, "We needed a litmus test to help understand our present reality around client relation

Time to dive into the “purpose” conversation. That’s the idea that we, as leaders, have an obligation, a responsibility, to help our employees find the purpose behind their jobs — the “why” behind their work.My guest on the podcast this week is Dr. Alan Patterson. He’s a Business Learning Institute thought leader who has guided hundreds of clients in professional and leadership development, including the Broad Institute, Federal Reserve Bank, Hewlett Packard, Johnson and Johnson, Kite Pharma, Major League Baseball, and the United States Navy. He is a frequent conference and workshop presenter and a best-selling author whose most recent book is out now. It’s called Burn Ladders, Build Bridges: Pursuing Work With Meaning And Purpose. We sat down recently and talked about how we can go about surrounding ourselves with people who will help us do work with meaning and purpose — and just as important, how we can become those types of people for others.Read MoreResources:Dr. Alan PattersonBurn Ladders, Bui

Whether you like the phrase or not, “The Great Resignation” is real. People are leaving work in droves. That’s presenting challenges for employers. How do we find the right people? How do we keep them? How do we understand what they want?Gabrielle Bosche is a bestselling author, two-time TEDx speaker, and is frequently called upon to speak and consult on millennial motivation and engagements for Fortune 500 Companies, presidential campaigns, and government agencies. She’s also going to be the keynote speaker at the MACPA’s 2022 Business and Industry Conference.She says understanding what employees want often comes down to a single word. Purpose. Does your organization stand for something significant beyond just making money? And do they understand how their jobs help bring people closer to realizing that purpose?To learn more, and for the complete show notes, visit blionline.org/blog.Resources:gabriellebosche.comInstagram: @gabrielleboscheThe Top 6 Things Employees Want in Their Next JobTo Retain Employees, S

In this episode, we look at recent tax changes through a regulatory and compliance lens with Sona Akmakjian. Sona is Avalara’s Senior Director of Global Accounting Strategic Partnerships. She’s also a CPA with 29 years of transactional tax services and automation experience. Sona talks about the impact the pandemic has had on business and taxes, including things like e-commerce, the supply chain, the workforce, and its overall impact on tax compliance. We also talk about Wayfair, where we stand now that the Supreme Court’s decision to grant states the authority to tax remote sales is almost four years old, digital transformation, and the use of technology moving forward as the landscape continues to change.To learn more, and for the complete show notes, visit blionline.org/blog.Resources:avalara.comAvalara tax changes 2022Future-Proof is produced and published by Crate Media.

Mike Manspeaker is an Assurance Services Partner with Smith, Elliott, Kearns & Company in Maryland and has over 40 years of experience working with private companies and employee benefit plans. He is also very active in the peer review process, performing them as the CPA on Staff for Coastal Peer Review, an organization that administers reviews for North Carolina and Maryland firms. Mike is also a member of the AICPA Accounting and Review Services Committee. And, he serves on the Auditing Standards Board Attestation Standards Task Force as well as the Audits of Less Complex Entities Task Force. If it’s not clear already, when it comes to the regulation of our profession, Mike knows his stuff. There’s a lot going on in this area that accounting and finance professionals need to know about. Tune in.Resources:LinkedIn: linkedin.com/in/michael-manspeaker-cpa-077a8268Future-Proof is a production of Crate Media

What you’re about to hear is an incredible true story about resilience, perseverance, and strength while creating and growing a business from scratch – all while dealing with some of the most devastating news a person could face. Kelly Mann is a CPA and the co-founder and CEO of AuditMiner, a tool that is used by CPAs to save time and increase quality in their 401(k) audits. There’s no better way to close out Women’s History Month than by hearing more about this amazing journey — taken by one of the most amazing women you’re likely to meet these days.To learn more, and for the complete show notes, visit blionline.org/blog.Resources:linkedin.com/in/kelly-mann-cpacaringbridge.org/visit/kellymann10 causes of stress for small business owners, and how to copeFuture-Proof is a production of Crate Media

The pipeline into the CPA profession is always an important topic for the future of our industry. How do we make the profession more appealing to young people deciding where to place their future?Jerry Maginnis recently released a new book titled "Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities." He is a former managing partner at KPMG's Philadelphia office who is now an executive in residence who supports the Accounting Program at Rowan University in New Jersey, where he helps prepare students for their transition from academia into the workforce.He talks about the types of advice he's offering young professionals these days, including the importance of working with your strengths, embracing change, and avoiding burnout. He also offers some thoughts for veterans in the profession — including how we can best welcome new folks into the profession and how we can keep them here once they arrive.To learn more, and for the complete show notes, vi

Pascal Finette is co-founder and "chief heretic" with be radical, which researches, develops, and teaches tools and frameworks designed to transform their clients into practical futurists and successful disruptors.He recently gave a talk as the keynote speaker at the Digital CPA Conference, where he spoke about the correlation between disruption and "state changes" – moving from one state to another, like solid to liquid to gasHe talks about what happens to our skills, our processes, and our existing strategies when we encounter state changes like this. We also explore how we have to change our mindsets and ask different, better questions to arrive at solutions for today's problems.To learn more, and for the complete show notes, visit blionline.org/blog.Resources:finette.comLinkedIn: linkedin.com/in/pfinettetheheretic.orgberadicalgroup.comsu.orgRead: Unsafe Thinking: How To Be Nimble and Bold When You Need It MostFuture-Proof is a production of Crate Media

It pays to be curious. The role that curiosity plays in wellness and well-being, emotional intelligence, and the benefits it offers to leaders are vastly underrated.Todd Kashdan literally wrote the book on curiosity. He is a professor of psychology at George Mason University and he founded George Mason’s Well-Being Lab. Winner of the 2013 Distinguished Early Career Researcher Award by the American Psychological Association, his work has been featured in media outlets throughout the world. He’s the author of five books, including “Curious? Discover the Missing Ingredient to a Fulfilling Life.”We talk about his definition of curiosity, the connection between it and wellness, how curiosity can help us find a little more purpose and meaning in our lives, and how finance and accounting pros can foster a greater sense of curiosity in their work.To learn more, and for the complete show notes, visit blionline.org/blog.Resources:toddkashdan.comRead: Curious? By Todd KashdanLearn more about Todd’s new book, The Art of

As we’re wrapping up Black History Month and recognizing the contributions of Black Americans, we are closing down the month with a bit of a look ahead. We’re still taking stock of achievements from our past, but this time we’re doing it with an eye toward the future as well.Joining that conversation, today, is Dalton Tong. He’s a CPA and a CGMA with a career that’s steeped in health care and health management, in addition to accounting and finance. He's been a senior lecturer at the Carey Business School at Johns Hopkins University since 2014. Before that, he worked as Vice President, Executive Vice President, and President and CEO of the Greater Southeast Healthcare System, and as Vice President of Finance at Harbor Hospital Center, formerly South Baltimore General Hospital.Tong has a number of achievements to his name, but rather than talking about them, he wanted to discuss and highlight the impact those achievements may have on the future generation of CPAs. He calls it “showcasing possibility,” letting

Cybersecurity is more important than ever before. This is not just something that business leaders have to worry about. Everyone, from the top to the bottom of your organization, is responsible for cybersecurity.Clar Rosso is the CEO of (ISC)^2, or ISC squared, as it’s written. They bill themselves as the world’s leading cybersecurity professional organization. They have more than 160,000 certified members throughout the world, and they’re committed to helping their members learn, grow, and thrive so they can help keep all of us a little safer. Before joining (ISC)2, she worked in communications for the California Society of CPAs and as an executive with the American Institute of CPAs.She helps us understand just how big the threats are; what businesses should be doing to protect themselves, their employees, and their clients; and what remote employees should be doing to protect their employers.To learn more, and for the complete show notes, visit blionline.org/blog.Resources:isc2.orgcisa.govncsc.gov.ukFuture

In celebration of Black History Month, we’re giving flowers where they’re due, to Benjamin King Senior, Maryland's first black certified public accountant, the 47th in the country, who went on to become chairman of the Maryland state board. To best understand Mr. King and his impact, we’re joined by his children who’ve kept his minority firm and wide influence on the profession going strong: Pamela King-Smith, Kara King-Bess, and Anthony King.They tell us about how, based in a rough neighborhood in Baltimore, their father became a trusted voice of his peers. How he, devoted to bettering the people and community around him, helped small businesses grow and establish themselves as generational assets – best demonstrated by their longest tenured client, a minority-owned funeral home in DC that dates back to 1912 and has been a serviced account of King, King & Associated since 1957.More than co-founding his own firm, as an educator and mentor, Benjamin King inspired and empowered countless young, mostly minor